Every day you make a choice that leads to security or eventual wealth or more stress, strain and ultimate poverty. It is how you look at your money that determines how you make these choices, and we are going to encourage you to look at money that comes through your life a little differently so that you can keep more of it earning money for you (instead of you working to earn more of it).
Do you look at the money in your paycheck as your value? If you do, may we encourage you to look at this money like a business?
Take your paycheck and think about thin years and thick years. Businesses have both and personal households have both. As they say, “Good things and bad things happen to everyone.”
Do you know what percentage of your income goes to pay your debt? Find out.
Do you know what percentage of your income goes to pay your mortgage or rent? Find out.
When most people get paid, their money goes – either by direct deposit or by personal physical deposit – into a checking account. Most people look at their personal checking account as “their checking account.” We encourage you to look at it for what it is:
A MONEY LAUNDERING ACCOUNT FOR OTHER PEOPLE’S MONEY.
The money you drop into a checking account – any money that goes into checking – is immediately under assault from wants, needs, and spending of a wide variety. Since most of us don’t operate like a business, it is easy for this money to “slip away.” Have you ever gotten to the end of the month and ask, “Where did all the money go?”
Sit down and review your expenses over the last six (6) months. Make it simple on yourself. Put things into “piles.” The bill pile. The needs pile. Finally, the “wants” pile.
Be honest with yourself about which expenses are to go in which pile and you will very quickly see where you can “make up some savings” in the next six (6) months.
This is also a good time to look for the single largest bill you have that may go for something you can “live without.” Cancel whatever it is and put that money each month toward savings.
If you have been reading this blog for any length of time, you know we are big believers in changing – in your mind and your pocketbook – the minimum standards for an emergency savings fund. In the 1980s and 1990s, it might have been fine to have 3 to 6 months of expenses in an emergency savings fund, but it is not 1990 anymore. Jobs are being reduced and eliminated like most of us should be treating credit cards and debt. The jobs that are “leaving” are not coming back. Many of them that will come back after a recession will come back attached to much less pay.
If you want more tips on saving regularly, look back at our other blog entries or see the below information on how to start researching ways to get ahead faster. We can help!
If you want more on saving and investing wisely in these times, check out our free Facebook group “Live The Lifestyle Your Family Deserves.” Just search for it on Facebook and click on “become a fan” for instant access.
Every day we focus on ways you can save money at a faster rate and invest wisely for your future. We are glad you are reading our blog and hope you will pass it along to others.
Of course, you can check out our main blog at http://www.stickyasset.com/blog or check out http://www.middleclassmoney.com for the only thing we sell on any of our free blogs or free groups. It’s called “How To Survive Any Financial Crisis” and it is only $4.95. Inside you will find secrets on saving and investing to build wealth faster as well as tips on avoiding scams.
You are smart to be looking for ways to save and invest better for your future. Come back and enjoy our other blog entries. We often talk about saving, investing, avoiding scams and passive revenue. We think you should be thinking that way, too!
You can sign up for our free monthly e-saver at http://www.stickyasset.com/blog. Just look for the e-mail sign up window.
Good luck! Saving is worthwhile for your future and the future of your family.